POWERGRID Infrastructure Investment Trust has reported its financial results for the quarter and financial year ended March 31, 2026. The trust announced a distribution of ₹ 3.00 per unit for Q4 FY26, bringing the total payout for the fiscal year to ₹ 12 per unit. The earnings conference call was held on May 19, 2026, to discuss the performance.

Financial Performance

For the financial year 2026, PGInvIT recorded a Total Income of ₹ 12,966 million and Operating Expenses of ₹ 870 million. The consolidated Net Distributable Cash Flow (NDCF) stood at ₹ 10,906 million for the full year and ₹ 2,761 million for Q4 FY26. Profit after tax, excluding reversal of impairment, was ₹ 7,902 million for FY26 compared to ₹ 6,639 million in the previous year. Total assets were reported at ₹ 100,075 million.

Distribution and Guidance

The trust has declared a distribution of ₹ 3.00 per unit for Q4 FY26, comprising interest, taxable and exempt dividends, and repayment of capital. This brings the total distribution since listing to ₹ 58.50 per unit. PGInvIT has provided a distribution guidance of ₹ 12 per unit for FY27. The trust holds the highest credit rating of AAA with a stable outlook from ICRA, CRISIL, and CARE.

Operational Highlights

PGInvIT maintains an average availability of over 98% since the Date of Commercial Operation (DOCO). The portfolio consists of five operational Inter-State Transmission System (ISTS) Tariff Based Competitive Bidding (TBCB) projects comprising 11 transmission lines spanning 3,698.59 circuit kilometres and three substations with a transformation capacity of 6,630 MVA. The average residual life of the Transmission Service Agreements (TSA) is over 26 years as of March 31, 2026.

POWERGRID Infrastructure Investment Trust (PGInvIT) has announced the outcome of the Board of Directors meeting of POWERGRID Unchahar Transmission Limited (PUTL), its Investment Manager, held on Friday, May 15, 2026. The board approved the audited financial results for the financial year ended March 31, 2026, declared a distribution to unitholders, and adopted an independent valuation report for the trust's transmission asset portfolio. The board meeting commenced at 01:30 P.M. and concluded at 03:20 P.M.

Key Decisions from the Board Meeting

The board meeting considered and approved the following key matters:

• Audited Standalone and Consolidated Financial Information of PGInvIT for the financial year ended March 31, 2026, along with audit reports issued by the Statutory Auditors.
• Declaration of distribution of ₹3.00 per unit for the quarter ended March 31, 2026.
• Valuation Report prepared by independent valuer M/s INMACS Valuers Private Limited (IBBI registration number IBBI/RV-E/02/2021/141) for the period ended March 31, 2026.

PUTL also confirmed that there is no erosion in its net worth as per financial statements for the period ended March 31, 2026, compared to the period ended March 31, 2025.

Distribution Breakdown and Key Dates

The declared distribution of ₹3.00 per unit for the quarter ended March 31, 2026 comprises the following components:

The following important dates have been disclosed in connection with the board meeting and distribution:

Net Asset Value and Independent Valuation

Pursuant to Regulation 10 of the SEBI (Infrastructure Investment Trusts) Regulations, 2014, the Net Asset Value (NAV) of PGInvIT as on March 31, 2026 is ₹90.79 per unit, based on the Valuation Report issued by INMACS Valuers Private Limited. The valuation was conducted using the Discounted Cash Flow (DCF) method under the Income Approach, with a Weighted Average Cost of Capital (WACC) of 8.00% applied uniformly across all five Special Purpose Vehicles (SPVs).

The valuation summary for PGInvIT's five transmission asset SPVs as on March 31, 2026 is as follows:

The valuation was carried out by INMACS Valuers Private Limited (Valuation Reference No. IOVRVF/IMV/2026-2027/7243), dated May 13, 2026. The risk-free rate used was 7.16%, based on the CCIL Zero-Coupon G-Sec yield maturity of 10 years as of March 31, 2026. The Equity Risk Premium for India was calculated at 7.08%, and a debt-equity ratio of 70:30 was adopted for the WACC computation.

Asset Portfolio Overview

PGInvIT holds 100% equity stake in each of its five inter-State Transmission System (ISTS) project SPVs, implemented under the Tariff Based Competitive Bidding (TBCB) mechanism. The portfolio comprises 11 transmission lines with a total circuit length of approximately 3,698.59 ckm, three substations with 6,630 MVA of aggregate transformation capacity, and 1,955.66 km of optical ground wire.

Each of the portfolio assets has a long-term Transmission Service Agreement (TSA) of 35 years from the Scheduled Commercial Operation Date. PGInvIT acquired 74% equity stake in each SPV during its IPO in May 2021, subsequently acquiring the remaining 26% stake in VTL on March 31, 2022, and in KATL, PPTL, WTL, and JPTL on December 30, 2024.

Trading Window Closure

In accordance with the Policy on Unpublished Price Sensitive Information and Dealing in Units by the Parties to PGInvIT, the Trading Window for trading and dealing in units of PGInvIT has been closed since Tuesday, March 31, 2026, for Designated Persons. The Trading Window will remain closed until Sunday, May 17, 2026, and is set to reopen on Monday, May 18, 2026.

The intimation was signed by Shwetank Kumar, Company Secretary & Compliance Officer of POWERGRID Unchahar Transmission Limited, and a copy was also marked to IDBI Trusteeship Services Limited, the trustee of PGInvIT.